How Much Is Enough?

With roughly ten days left in the 2019 RRSP season, the topic of retirement saving is top of mind with many of us wondering whether we’ve done enough to prepare ourselves.

That number – those of us who are wondering whether or not we have indeed done enough – is substantial. 70-percent actually. That comes from a ScotiaBank survey of Canadians and nearly 3-out-of-4 said they are concerned about not having saved enough for retirement.

And how much is that? Two-thirds of us figure less than one million dollars is the magic number….about $700,000 for the majority of us. That does not correlate well with the advice that financial advisers push as they suggest the million dollar mark is a more appropriate figure.  That’s a gap of almost 50-percent so it makes sense that those who work in the retirement saving field for a living suggest all of us should talk with a professional financial advisor to get this stuff straight….or at least as straight as we can.

Here are the discrepancies. Boomers think they need $570,000 to fund a comfortable retirement. Millennials say $704,000 and GenX’ers say $768,000.

Source: https://www.scotiabank.com/corporate/en/home/media-centre/media-centre/news-release.html?id=3492&language=en